Malaysia's CIMB, RHB, MBSB reach merger deal: source
[SINGAPORE] Malaysia's CIMB Group, RHB Capital Bhd and Malaysia Building Society Bhd (MBSB) have agreed on a merger deal that will create the country's biggest banking group, a source with direct knowledge of the matter said.
The deal will involve a share swap between Malaysia's second-biggest lender CIMB and its fourth-largest bank RHB, the source said, adding that an announcement is expected later on Thursday.
The deal will still require approval from Bank Negara Malaysia, the central bank, the source said, who asked not to be identified ahead of the formal announcement.
A combination of the three lenders would give birth to a banking group with assets totalling around US$190 billion, surpassing the country's largest lender Malayan Banking Bhd (Maybank) and making it Southeast Asia's fourth-biggest lender.
Shares of the three banks were suspended on Thursday pending an announcement. - Reuters
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Barclays cuts jobs in energy transition team it only just built
Great Eastern shares jump 39% as OCBC mounts S$1.4 billion privatisation bid at S$25.60 per share
China's central bank vows to support economic recovery
Ping An sells US$50 million of HSBC shares after vote against CEO
Manulife profit beats on growth in Asia, wealth management
Hot stock: UOI surges to over 6-month high amid heavy trading